The Striking Price

How to Bet on Netflix, Microsoft

The streaming video company is delivering something other companies aren't: growth. Microsoft is a safer play on a turnaround.

Much of the market's recent volatility has been caused by the absence of growth. Investors want, and financial-valuation models depend on economic expansion to support stock prices that were bid up in 2013 in anticipation that 2014 would finally deliver better top-line growth.

Yet, data suggesting economic growth have been elusive so far this year—and that might be an understatement, given the recent collapse in manufacturing figures...